Geely Automobile ( (GELYF) ) has released its Q3 earnings. Here is a breakdown of the information Geely Automobile presented to its investors.
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Geely Automobile Holdings Limited is a leading Chinese automobile manufacturer, known for its extensive operations in the automotive industry, including a focus on electric vehicles and a comprehensive product lineup.
Geely Automobile’s latest earnings report reveals a robust performance for the first nine months of 2024, with significant increases in sales volume, revenue, and profit. The company has demonstrated strong growth momentum, leveraging its extensive research, production, and sales network.
The company reported a 32% year-on-year increase in sales volume, reaching 1.48 million units, and a 36% rise in revenue to RMB 167.7 billion. Profit attributable to equity holders soared by 358% to RMB 13.1 billion, indicating a successful strategy in product mix optimization and market expansion. Additionally, Geely’s subsidiary, ZEEKR Holding, reported an 81% increase in sales volume and a 51% revenue increase, contributing significantly to the overall performance.
The company’s total assets grew by 12% to RMB 215.7 billion as of September 2024, with equity attributable to shareholders up by 14%. This financial strength underlines Geely’s capacity to continue its development and expansion in the highly competitive automotive market.
Looking ahead, Geely Automobile is poised for continued growth, supported by its strategic initiatives and market positioning. The management remains optimistic about sustaining its momentum and further enhancing its market presence.
